Vascon Engineers said it aims to engage with Adani Group on projects and this will contribute to over 30% of their annual turnover. The collaboration is envisioned as a long-term strategic partnership with the scope and performance of the arrangement to be reviewed annually, it added.
CNBC-TV18 had reported about Vascon Engineers on September 16, as a stock being a multibagger from the Covid-19 lows but still trading below their IPO price.Having made its stock market debut in February 2010, at an IPO price of ₹165, shares of Vascon gave up most of their value, by the turn of the decade, falling to as low as ₹6, during the Covid-19 pandemic.
If one compares returns from the Covid-19 lows, the stock is up over 10x. However, it still trades below its IPO price. The company has never delivered a bonus issue to its shareholders, nor carried out a stock split, as the face value of the share remains at ₹10.
Shares of Vascon Engineers gained 13.9% to hit its 52-week high of ₹65.95 apiece on Monday. The stock was up 10.2% at ₹63.76 apiece around 10 am. The stock has gained 31% in the past month and 67.7% in the last six months.
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